This deal with ICE marks Facebook’s progress towards global music initiative. Prior to this, the social networking company had signed licensing deals with Universal Music Group and few other companies.
Despite the popularity, it is hard to survive in the music streaming industry due to the mounting competition. That’s why top players like Spotify failed to turn to profit till date. The other big players in this industry are Apple, Amazon, and Pandora. But Facebook can take the risk because of its huge user base. In the last year’s fourth quarter, the company reported having close to 2.13 billion monthly active users. Time alone will tell whether Facebook’s entry into the music industry is a smart move or not and its success in gaining traction and beating other existing major players.